Bessent Emphasizes Gold Safety at Fort Knox and Explains Dollar-Based Fiat Currency

Scott Bessent, the U.S. Treasury Secretary, stated that the gold at Fort Knox is securely stored. Secretary Bessent emphasized that the U.S. dollar is not a currency backed by gold but rather a fiat currency based on the credit of the U.S. government. There are no issues with the gold reserves at Fort Knox, which currently holds approximately 147.3 million ounces of gold. He mentioned that Fort Knox stores only a portion of the total U.S. gold reserves, and the U.S. holds the largest amount of gold in the world, valued at over $1 trillion at current market prices. Secretary Bessent explained that since 1971, the direct link between the dollar and gold has been severed, and with the transition to a fiat currency system, there is no longer a need to hold gold or silver. The fact that central banks have purchased an average of about 1,000 tons of gold annually over the past four years shows that the value of physical assets is still highly regarded even in the era of fiat currency. Ray Dalio and Jamie Dimon commented on the importance of gold and its potential for price increases.

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